VAALCO Energy, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

Earnings Per Share

12 Months Ended

Dec. 31, 2015

12. EARNINGS PER SHARE

Basic earnings per share is calculated using the average number of shares of common stock outstanding during each period. For the calculation of diluted shares, we assume that restricted stock is outstanding on the date of grant, and we assume the issuance of shares from the exercise of stock options using the treasury stock method.

A reconciliation from basic to diluted shares follows:

A reconciliation from basic to diluted shares follows:
	Year Ended December 31,
	2015	2014	2013
Basic weighted average shares outstanding	58,288,740	57,229,435	57,298,910
Effect of dilutive securities	-	-	626,091
Diluted weighted average shares outstanding	58,288,740	57,229,435	57,925,001

Stock options excluded from dilutive calculation because they would be anti-dilutive	5,585,716	2,329,392	3,508,865